US equities are battling to recover. Meanwhile, WTIC is currently +0.8% in the $89s. The energy sector ETF of XLE is currently net lower for the week by -2.2% at $88.37.
USO daily
XLE weekly
Summary
WTIC/USO: oil has swung from the $87s to the $90s. The move is especially impressive relative to the weak equity market, and the broadly strong dollar.
XLE: energy stocks restrained by the main market, and that will remain my concern into 2024.
notable stock: OXY
Choppy, if leaning upward. Broadly… its a mess, if protected via a bid from Berkshire on every cooling wave.
–
Equities: sp’60min
Provisional floor from 4222. Clearly… even if we continue to recover, with a new cycle low, its been an ugly day. The only thing the bulls have left is the 200dma.
Time to venture out (its actually sunny!).